One of the biggest United States-based cryptocurrency exchanges, Coinbase has introduced support for XRP as a feature of their custodian service. The addition of the token was originally announced by Coinbase back in October in light of actual support coming for the coin for traders to both buy and sell.
In comparison to the unregulated landscape of most digital currency exchanges, Coinbase Custody includes a layer of assurance for large capital investors. Rather than aiming towards specific customers or the user base as a whole, Coinbase custody is prepared for hedge funds and institutional investors with millions in assets, providing what is easy to use secure platform for storing and funding cryptocurrency specifically as fresh faces to the industry don’t fully understand the concept of private keys and cold storage wallet. On top of the pros of an upgraded financial security, Coinbase Custody “provides investors with insurance coverage on their stored assets which now extends to XRP, despite the coin not being listed directly on the exchange.”
Over the past week, we have seen the markets crash, climb and then over the past day, crash once again which sent Bitcoin below the $5,000 key resistance level. Not only that but XRP has taken over Ethereum as the second biggest cryptocurrency in the space and there is even talk of XRP taking over Bitcoin by the end of the week as the leading cryptocurrency. The currency is down from its once all-time high of $3.80 earlier in the year. Funnily enough, this was due to an appreciation created through investor anticipation of the token being listed on Coinbase, XRP and Ripple are always making regular headlines for building adoption throughout this year. As reported by EWN, “XRP thus far has embodied the paradox of cryptocurrency growth, that development and new adoption for blockchain and crypto have continued to grow exponentially despite the slumping prices.”
As said by Ethereum World News:
“With the proverbial bloodbath taking place in cryptocurrency’s market capitalization, a long-anticipated union of Coinbase and XRP could be the exact pairing to reignite interest. While investors will continue to be hesitant over any association between XRP and Coinbase, particularly after the coin rose and plummeted following rumours of a listing in January 2018, the addition on the Coinbase Custody program is some small indication that there could be interest between the two parties.”
It was back in July that Coinbase announced the possibility of five new currencies being added to the exchange, with XRP’s primary competitor Stellar XLM being listed as a front-runner. Despite this, Stellar doesn’t have any relation to the exchange in any context outside of that first reveal.
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